EOS News Today: What’s the Deal With EOS?

EOS is arguably one of the most anticipated cryptocurrencies out there. The team behind the development of EOS Block.co, launched an ICO that lasted for one year to offer support for the project. In the end, 4 billion USD was raised. Investors have waited for several months for a launch date this June. With that date passed, there are a number of issues that continue plaguing the digital token. Let’s see what went wrong.

Who Operates the Code?

One reason why EOS stands out is the unique model adopted in its development. Investors who purchased ERC-20 tokens when the ICO was launched had their symbols converted to EOS funds on the EOSIO platform, June 2. Investors with native EOS tokens are spearheading the management of the ecosystem. This process will be accomplished through voting for block producers, ultimately helping to keep the network running. Project developers also intend for EOSIO to support decentralised apps, which will be linked to all native EOS tokens proportionally. The more coins staked in the app, the more resources are made available to that application.

Many Issues Remain Unsolved

The EOS page suggests that 620 bugs affected the platform plus other problems that remained unresolved, following the token swap and launch in recent days. While resolving these issues seem like a daunting prospect, an enormous 1,400 problems have already been tackled during development as at the start.

Perhaps the most significant issue affecting the platform at the moment is that block producers have been working to operate the code, that is made available to the public. However, the blockchain isn’t still live. As this process continues, more glitches can be revealed. At the same time, Block.one is purposefully leaving itself out of the process. The developers anticipated growing pains during the project, which is designed to take the idea of decentralisation to a whole level few other digital currencies and Blockchains have explored.